The UpTake: Entrepreneurs understand that performance reviews are a two-way street. While the employer is giving critical feedback employees, it's also an opportunity for team members to discuss ways in which they need to support to perform better.

Solicit Feedback From Employees

"Be sure to include a section for employee comments, and insist that your team members respond. Reviews are often viewed by staff members as a time when they find out everything they're doing wrong, but it doesn't have to be that way. Discuss the employee's comments during the review, and be sure to give him ample opportunity to have his voice heard." — Andrew Schrage/ Money Crashers Personal Finance

Focus on Growth

"The fact that your employees chose to work at a startup instead of a huge corporation likely means they're adventurous risk-takers by nature. This employee type is often focused on personal growth, tackling new challenges and learning new tasks. When evaluating performance, be forward-thinking in your feedback and explain how today's tasks are building toward tomorrow's responsibilities." — Brittany Hodak/ ZinePak

Over-Communicate

"Employee reviews are an important piece of company culture and human capital management, but the first time you implement them, they can be extremely nerve-wracking for your team. Be very communicative and transparent about reviews at the start and throughout the process. That will help reduce fear and make the process most helpful to get real feedback." — Eric Koester/ DCI

Automate Performance Reviews and Save Resources

"Most managers tend to put performance reviews toward the bottom of their priority lists. Tools like automated performance reviews are useful for saving resources. They can track progress, show goals and provide recognition in a timely manner. Managers can see who’s doing what well, what needs more work and how to assign goals in the future -- all in real time as opposed to once a year." — Heather Huhman/ Come Recommended

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

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